New York Yankees


New York Yankees


NewYorkYankees PrimaryLogo.svg

The New York Yankees are an American professional baseball team based in the New York City borough of the Bronx. The Yankees compete in Major League Baseball (MLB) as a member club of the American League (AL) East division. They are one of two major league clubs based in New York City, the other being the New York Mets of the National League. In the 1901 season, the club began play in the AL as the Baltimore Orioles (no relation to the modern Baltimore Orioles). Frank Farrell and Bill Devery purchased the franchise (which had ceased operations) and moved it to New York City, renaming the club the New York Highlanders.[3] The Highlanders were officially renamed the Yankees in 1913.[3]
The team is owned by Yankee Global Enterprises, an LLC controlled by the family of the late George Steinbrenner, who purchased the team in 1973. Brian Cashman is the team's general manager, and Aaron Boone is the team's field manager. The team's home games were played at the original Yankee Stadium from 1923 to 1973 and from 1976 to 2008. In 1974 and 1975, the Yankees shared Shea Stadium with the Mets, in addition to the New York Jets, and New York Giants. In 2009, they moved into a new ballpark of the same name after the previous facility was closed and demolished.[4] The team is perennially among the leaders in MLB attendance; in 2011, the Yankees had the second-highest attendance.
As one of the most successful sports clubs in the world, the Yankees have won 18 division titles, 40 AL pennants, and 27 World Series championships, all of which are MLB records.[5][6] The Yankees have won more titles than any other franchise in the four major North American sports leagues. Forty-four Yankees players and eleven Yankees managers have been inducted into the National Baseball Hall of Fame, including Babe RuthLou GehrigJoe DiMaggioMickey MantleYogi Berra, and Whitey Ford.[7] In pursuit of winning championships, the franchise has used a large payroll to attract talent, particularly during the Steinbrenner era. According to Forbes, the Yankees are the second highest valued sports franchise in the United States and the fifth in the world, with an estimated value of approximately $4 billion.[8] The Yankees have garnered enormous popularity and a dedicated fanbase, as well as widespread enmity from fans of other MLB teams. The team's rivalry with the Boston Red Sox is one of the most well-known rivalries in U.S. sports.

Insurance policies in sport

Insuring against the risks involved in sports has arguably never been more important. The amount of money now at stake, the scale and sophistication of tournaments, and the global geo-political landscape have all helped elevate risk levels.  
Take event organisation. All eyes were on the French authorities for the recent European Football Championships. Terrorism deterrence and response was a key issue before the tournament in light of recent terror attacks in Paris and Brussels. The U.S. went so far as to issue a formal travel warning to it citizens.1 Stakeholders will have had to review their insurance cover and wider risk management strategies (especially in light of the fact that terrorism is an often excluded risk). In the end, it was not terrorism but hooliganism that caught the headlines. This in itself could have had significant insurance repercussions for those who suffered loss, depending on whether or not specific insurance policies 1) existed, and 2) provided cover for loss suffered as a result of riots, civil unrest, vandalism, or hooliganism.
Then there are the risks facing teams and individual athletes. There were numerous reports of athletes such as Jessica Ennis-Hill, Andy Murray and Rory McIlroy consulting experts about the risks of the Zika virus in Brazil for Rio 2016.2 Rory McIlroy decided that it was a risk that he was unwilling to take.3 What would have happened if the Olympics had been postponed, or if something happened resulted in the cancellation of part or the entire event? That risk needed to be appropriately managed.
Risk managers, clubs, athletes, governing bodies and event organisers (amongst others) should all be seriously considering risk management day-to-day, and it ought to be an integral part of any individual or team’s commercial toolbox. This article explores some of the most common sports-related insurance policies that are available today and the legal issues involved in their effective deployment. 

CAREER ENDING INSURANCE

Sometimes, despite talent, athletes are prevented from fulfilling their potential due to career-ending injuries. Specific policies are available to cover athletes for loss of current and future potential earnings following an injury although they are often found within personal accident policies. Often the policy will provide sportspeople with a lump sum (tax-free) and can also include potential earnings from commercial sponsorships/ endorsements.
Fabrice Muamba memorably collapsed whilst playing for Bolton versus Tottenham Hotspur in 2012. Muamba was reportedly on c. £35,000 per week and was only 23 when his career was ended. Muamba did have insurance although the details are confidential. We do not know whether Muamba had a policy that paid a lump sum for lost potential earnings, but the potential total figure could have been huge. By way of illustration, if Muamba had stayed on £35,000 per week (it would likely have increased) for another ten years, he would have earned at least £18.2m before tax.
Another notable example involves Steve Thompson (the retired England Rugby World Cup winning hooker). Thompson suffered what he thought was a career ending injury after damagin his neck playing for Northampton Saints. Thompson famously returned to the sport later that year after surgery and being passed fit to play. Thompson had received a significant pay-out from his insurers which he had to pay back before he could return to the sport. The policies should explicitly state that the athlete will not be able to compete professionally in the sport after they have made a claim. Thompson retired in 2011 after a recurrence of the original injury, and the details of a second insurance pay-out (if any) are unknown.

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